China securities official seeks to calm market

An official at China's securities regulator joined the chorus of voices aiming to reassure the country's financial markets after a cash squeeze played havoc with the domestic stock market.

Jiang Xiangyang, deputy director of the China Securities Regulatory Commission's general office, said the regulator will take steps to improve the market environment and shore up market confidence, according to a report in the state-run China Securities Journal on Wednesday.

Mr. Jiang, who was speaking at a media briefing in Shanghai, didn't mention any specific measures, but noted that "China's stock markets have been volatile recently due to complicated domestic and overseas factors."

The country's benchmark Shanghai Composite Index has fallen 15% so far this month, reversing a 1.4% gain over the previous five months, amid a cash crunch and bleak economic outlook.

Mr. Jiang's comments add to a recent series of statements aimed at calming the markets.

The People's Bank of China said late Tuesday it had injected funds into some financial institutions in recent days to beef up their liquidity and could make similar moves in the future.

And a PBOC official said earlier the central bank would "guide market interest rates into a reasonable range."

The comments helped bring money-market rates down Wednesday, but the Shanghai Composite Index was still down 1.2% at 0213 GMT.

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